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Oct 06 - 01:55 PM

AUD/USD - Bears Encouraged As Double-Top Risk Increases

By Christopher Romano  —  Oct 06 - 12:40 PM
  • RBA leaves rates unch but hints a rate cut could be coming nL1N2GX0CK

  • Latest rally stalls near 50% Fibo of 0.7413-0.7006, then turns lower

  • Today's 0.7209 high set matches that of the October 1 daily high

  • Pair trading back below the 21- and 55-DMAs, bear tech signals increase

  • 0.7119/31 is support; 10-DMA, Oct 2 daily low, daily cloud base sit there

  • Break of support likely runs stops also implies double-top is in

  • With the top in bears are likely to target the 0.7000/10 support zone

  • For more click on FXBUZ




aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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